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Trading tips for CAD/JPY

CAD/JPY dipped by 4,300 pips over the year. Now it is near 0.70855, where a breakout opens good opportunities for buy limits.

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When the quote breaks through 0.70855, place a grid of buy limits with an increment of 300-500 pips. Take profit on the test of the broken levels from below, either 1 pip above the first order or after a 1,000 pip rise.

This strategy is called grid trading, which is usually used on cross rates. It involves holding positions that are significant in time and distance. For this reason, we recommend using swap-free accounts, not increase the volumes in the grid (0.01 standard lot for every $ 1000 of the deposit) and monitor price movements.

Good luck and have a nice day!

The material has been provided by InstaForex Company - www.instaforex.com

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